If you are a baby boomer woman, consider these facts; women not only comprise 46.6 percent of the U.S. labor force, but women 50+ account for more than 22 percent of the female workforce. In addition, 68 percent of women aged 50-59 are currently in the labor force, and 22 percent of these working women over 50 never plan to retire.



If you never plan to retire then what will you do? Let's review 3 popular options:

1. Many women will stay in the workforce but as consultants of another firm or independent contractors -not employees.

You can work less hours but make a higher hourly rate as a consultant or independent contractor. The downside is that you may not get any benefits, and you pay your own income tax and self-employment tax. If you are drawing on Social Security, this may not be a problem but don't underestimate the value of having benefits (especially health care) paid by your employer.

2. Many women save up to start their own businesses.

The majority of small businesses fail in the first five years. Be sure to have a solid business plan and enough capital to keep you going through rough times. The local chamber of commerce has a lot of support for small business owners. Many women in my neighborhood have home based businesses. One did storefront floral arrangements, another woman sewed personalized pillows and baby blankets, and another was a virtual assistant to small business owners across the country. This may sound all small time to you but all of them are pulling in six figures, don't work crazy hours, and love what they are doing. Doesn't that sound like a great way to spend your time?

3. Women also are downsizing their homes and material stuff to be able to afford post retirement travel or invest in second homes.

Time is precious as we all grow older and many just want to kick back and relax with the kids or grand-kids, or maybe just pursue a hobby or finish those books you have always wanted to read. Most women think they can't afford that luxury, but if you look around there is plenty to let go of to make room for more time. It's now cool to simplify your life and surroundings. It will give you more cash and most importantly, more free time.

It takes money to finance the options above and if you haven't started yet, now is the time more than ever to invest for the future so your options are not limited to just working until you drop. Working because you want to not because you have to is an option that is available to all of us. Baby Boomer women especially have the relationships and the energy to make the second phase of life as fulfilling as the first. With a little planning and focus you can map out a plan, make it measurable and best of all, make it achievable to have your best life ever.